The Desk of Sue Viskovic
Managing Director at Elixir Consulting
Since FoFA was introduced in 2013, it has become more and more difficult to run a financial advice firm - albeit for good reason.
Now more than ever it’s becoming harder and harder to structure a remuneration package that encourages the right behaviours; rewarding advisers for both bringing on new clients, and providing great service and advice to existing clients.
Achieving balance while staying compliant is no easy task...
Pay too much of a base salary, and your advisers get complacent and lazy, chewing up your profit margin without delivering quality outcomes.
Pay too little and you risk losing good advisers who know their worth and value a stable income.
Incorporate performance benefits in the wrong way, and (quicker than you can say "Royal Commission") you’ve breached FoFA.
At Elixir we regularly help our clients structure effective salary packages, and it’s no easy feat.
My colleague Liz and I created this report because there’s an extreme lack of information on the subject of adviser remuneration. The closest thing to this report are salary surveys, but the simplified ranges just don’t offer enough detail on the structure and elements included in different offers.
Maybe you’re in the same boat as our clients - just looking for clarity on how to grow your firm while maintaining a high level of client service… But you don’t have the right information on how to pay your team effectively to foster that, while staying FoFA-compliant.
So if you want clarity on the subject, this report will show you how to achieve the perfect balance between rewarding advisers for bringing on new clients, and for helping current clients improve their lives.
The report details what we found after interviewing successful firms across Australia about how they’ve structured their remuneration packages, allowing them to manage and retain high performing, service oriented staff.
It shows you exactly how to design an effective remuneration structure...
It showcases six current remuneration models that are working for others…
And it provides you with a framework to aid in creating your own package.
Here is just a portion of what you’ll discover in the report: